Skip to main content
Ivan Murphy

Ivan Murphy

Executive Chairman of Harena Rare Earths PLC, a London-listed rare earths exploration company developing the Ampasindava ionic clay project in Madagascar.

Oct 18, 2026

7:58
Well, I mean, I guess let's start at the beginning because for those unfamiliar with the Harina story, can you explain in simple terms what you've got at Ampas in Dava and how you plan to extract and process these rare earths and what makes the project potentially so valuable?
8:12
Yeah, it's so easy to answer that question because over the last year, we've had two acquisitions that make it very easy to explain why our project is important, why it's undervalued and what's going to happen to us.
8:23
So if you look at the ionic clay rare earth projects, that's what we are.
8:27
And this is the fundamental thing you've got to focus on if you're a rare earth investor.
8:31
Hard rock projects are great, but they're going to take much longer and they're going to be much more complicated and they're going to need a lot more money.
8:37
I'm not doing them down.
8:38
I'm just saying that that's a fact.

18 MINS LATER

26:44
That's for sure.
AlistairHOST
3:27
Uh, why don't you tie them together for us?
3:29
Yeah.
3:29
I mean, this is really important.
3:30
Thanks for asking that so clearly.
3:32
You know, ionic clay rare earth projects are the ones that are getting the interest.
3:37
We've seen Cerro Verde buy theirs, and now much more recently, Lynas bought one for about six, seven hundred million, um, just a couple of weeks ago.
3:46
And these are both ionic clay projects.
AlistairHOST
5:18
Tell us a little bit more about what that will look like now that you are permitted.
AlistairHOST
4:27
And what's the state of these assets? Are they in good condition?
4:31
Yeah.
4:31
These are all mature assets, but you know, have been functioning well for some decades, some 10, 15 years depending.
4:37
So they are coming to the end of their lives, and this is a very well-worn path in the US.
4:41
It's about taking assets like these, you know, working them harder, adding some value, adding some capital, making them last longer, taking drilling opportunities off these platforms, uh, to add production.
4:53
You know, we've seen that done in the North Sea by the Sericas of this world, you know, who are obviously very familiar to the, to, to the investor audience in London.
5:01
So it's in that sort of space.
AlistairHOST
7:28
... might like to look at?
speaker_1HOST
4:18
So that endorsement is major and does strengthen your strategic position in the space.
4:25
yeah so look we've had a brilliant 12 months you know like an absolute transformational 12 months for this company when you're in these development or exploration projects which we used to be and then moving into development your progress gets much steeper because you know you've got a resource you've proven that to the market you've illustrated that it's it's tangible and it's real um so we've had a very uh you know transformational few months and that's culminated into massive milestones for us Firstly, we took an investment from the Development Finance Corporation of America.
4:55
This is one of the key government agencies in the US that's leading the charge for critical mineral solutions.
5:00
They've made lots of other investments, including here in USA Rare Arts and other projects like that.
5:06
So this has been a huge milestone for us.
5:09
We've been working with them since...
5:10
October last year.
speaker_1HOST
6:45
So how does this help expand your US investor strategy with the capital markets here?
0:58
I know you just put out a release talking about the tremendous amount of work that had happened at the project.
1:03
Yeah, we've had like a transformational year, really, and that's part of why I'm here today.
1:07
You know, we've broken out, you know, we're way through that sort of expiration part of the curve.
1:11
We've in the last year taken investment from the Development Finance Corporation of America, which has, you know, been a huge endorsement of the project.
1:17
Also, we've taken, we've upgraded our permitting in country with the government.
1:22
So now we're really on that stretch towards production, which is the much more exciting part.
1:27
Our partnership with the Development Finance Corporation has been about $5 million of a project funding facility, which is the first stage of that.
3:34
All right, we're sitting here in September, so tell me a little bit about what's planned for the rest of this year and obviously into next year as well.
AlistairHOST
1:31
And how are you in the wake of this positive development?
1:34
Brilliant.
1:35
Yeah, really happy.
1:36
You know, big, big moment for this company.
1:38
We've had a lot of news the last couple of weeks.
1:40
Firstly, obviously, we have announced already, which we've discussed previously, our investment from the US government.
1:46
in a form of a project finance development investment from the Development Finance Corporation of America.
AlistairHOST
6:11
How does the whole picture sort of come together in your mind?
AlistairHOST
3:32
And so presumably that means though, that there's a relationship in place when you come to developing the project outright and moving it into production that could be very, very useful.
3:44
Yeah, I mean, that's inherent and we've alluded to that in the release that we've put out to the market this morning, which part of the agreement is a wider understanding where we start already to look at opportunities for the wider funding and the greater funding to get the project actually into production.
3:59
And they obviously have a very stated policy in the US of wanting to finance projects like that.
4:05
So yeah, so this puts us in a great place to have such a brilliant potential funder and partner for the bigger part of our needs, which is about 150 million to get us into production.
4:14
So yeah, so that's kind of inherent in what we're doing.
4:17
So it's not just... getting this money it's really now putting us into the center of that conversation putting us in with other organizations that they're also funding and funds that they've supported so you know the dfc has also put money into large critical mineral investment funds so this is giving us now exposure to those and you know we've already had great introductions from the team at the dfc over these last months and i've had exposure to lots of great people and funds etc so You know, one brilliant example is the DFC, you know, were a big part of the funding for USA Rare Earths.
4:50
Barbara Humpton, who runs that, and her team then bought Cerro Verde, which is the massive ionic clay rare earth project in Brazil for about 2.8 billion, I think the number was.
AlistairHOST
6:55
What's so good about it?

We value your privacy

We use cookies to understand how you use our platform and to improve your experience. Click “Accept All” to consent, or “Decline non-essential” to opt out of non-essential cookies. Read our Privacy Policy.